Nearest Resistance: $20
Nearest Support: $17.50
Catalyst: Earnings, Gen-Probe Purchase
Last up today, medical diagnostics firm
(HOLX - Get Report)
is down double-digits on the week following the one-two punch of an earnings miss and an acquisition that the firm is paying a premium for. While announcing a revenue shortfall yesterday morning, the firm announced that it was buying
at a 20% premium to the firm's value last week. Mr. Market isn't reacting well to that combination.
From a technical standpoint, the news broke HOLX down below previous support at $20, a price level that had held shares up since the start of February. With this stock unable to catch a bid at previous levels and the next nearest support level still a dollar and change away, it makes sense for bargain hunters to turn their sights elsewhere right now.
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-- Written by Jonas Elmerraji in Baltimore.
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